Finnish Earth observation startup Kuva Space has closed an oversubscribed funding round that raised €16.6 million.
The company announced on 2 November that it had raised the growth funding. The round was led by existing investors Voima Ventures and Nordic Foodtech VC, with participation from EARTH VC, private investors through Springvest, and Business Finland.
“Our growth funding campaign was oversubscribed in less than three days,” said Kuva Space CEO Jarkko Antila. “We firmly believe that quality and timely spaceborne insights will empower communities to make informed decisions and create a sustainable future.”
Kuva Space is building a 100-satellite hyperspectral Earth observation constellation. Data collected by its constellation will be converted into actionable insights through the company’s AI-driven analytics platform. It plans to offer its “near real-time monitoring tool” as a subscription service. The company’s insights will be marketed for a wide variety of applications, from defence to food production.
With the new funding, Kuva Space plans to accelerate the development of its hyperspectral camera and space technology, double its team size, and launch its AI analytics platform. It will also assist the company in expanding its presence in key markets, starting with the United States.
While the company works towards launching its platform, it has already secured a headline customer. In June, Kuva Space secured a €5-million, five-year contract from the European Union to be the sole provider of hyperspectral data services for the Copernicus programme.
Kuva Space plans to complete its 100-satellite constellation by 2030. However, in the short term, it expects to begin providing data to customers via an initial six-satellite constellation by 2024.
